Italian Business Delegation Creates Closer Ties With UAE

ABU DHABI, UAE, November 12, 2010 /PRNewswire/ --

- Italy are Aiming to Reach EUR10 Billion of Commercial Exchanges With
the UAE in 2011

A delegation led by Italian Minister for Economic Development, Paolo
Romani, met with the UAE Minister of Economy, Sultan Bin Saeed Al Mansouri,
on 8-9 November with an expectation to sign a MoU in 2011.

The delegation of Italian businessmen, government officials and bankers
led by Mr. Romani, also met with His Highness Sheikh Mohammad Bin Rashid Al
Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai to
discuss the economic cooperation between the UAE and Italy. Romani said "I
hope our two countries can reach EUR10 billion of commercial exchanges in
2011."

Part of the 300 strong Italian delegation included SIMEST - the financial
institution responsible for promoting and assisting Italian small and medium
sized enterprises (SMEs) abroad. SIMEST is promoting sectors that include
Italian hotels, furniture and light manufacturing.

SIMEST Chairman, Giancarlo Lanna said "the UAE is currently Italy's main
market for Italian exports in the MENA region with exports as diverse as
jewellery, aircrafts, engines and generators." Lanna praised the UAE
government for efforts in diversifying their economy: "Considering 90% of
Italy's economy is made up of SMEs, the UAE is perfect ground to develop a
profitable relationship," he said.

About SIMEST

SIMEST is a development finance institution whose mission is to promote
the growth of Italian companies abroad. The holding company provides
technical and financial support for investment projects. It was set up nearly
20 years ago and is controlled by the Ministry for Economic Development; its
private-sector shareholders include banks and trade associations.